Tuesday, December 23, 2008

Still Really Bad

Housing market still horrible.

WASHINGTON (AP) — Sales of existing homes plunged 8.6% in November to a seasonally adjusted annual rate of 4.49 million, from a revised 4.91 million rate in October, according to the National Association of Realtors.

It was the slowest pace in nearly 18 years.


A second report said sales of new single-family homes also fell in November, to the weakest levels since 1991, according to the Commerce Department.

The seasonally adjusted annual sales pace of 407,000 new homes was down 2.9% from October and was the lowest rate since January, 1991.